Is Golden Visa Spain Still Available in 2024?

Spain, a member of both the EU (since 1985) and the Schengen zone (since 1995), is luring families and businesses.

Its high quality of life and thriving economy make it a top relocation choice.

If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or WhatsApp (+44-7393-450-837).

The Golden Visa Spain Program, aka Spanish Golden Visa, paves the way for your European dreams.

Live, study, and work in Spain, with the potential to gain permanent residency and even citizenship down the line.

After five years as a temporary resident, permanent residency is attainable.

After ten years of permanent residency, fulfilling specific requirements unlocks the door to Spanish citizenship through naturalization.

Golden Visa Spain Investment Options

The Golden Visa Spain program has some prerequisites, for which, the investment options are listed below:

Real Estate

Invest €500,000 in residential or commercial property (single or combined). Rent it out for extra income!

Multiple buyers can even share the investment. Remember, mortgages are allowed above the minimum.

Business Development

Contribute directly to Spain’s economy with a €1 million investment.

Create jobs, generate socio-economic impact, and innovate in science or technology. This option benefits the country while granting you residency.

Capital Transfer

Opt for a safe and popular route by investing €1 million in Spanish government bonds, shares of Spanish companies, or bank deposits.

Competitive returns and government backing make this a secure choice.

Golden Visa Spain Eligibility and Documentation

Before you submit your application, ensure you have the following:

Eligibility

• Age: Be at least 18 years old.
• Legal Status: Not be an illegal resident of Spain.
• Criminal Record: No criminal convictions in the past five years.
• Restricted List: Not be on a list of individuals banned from entering Spain.
• Healthcare: Have private health insurance covering your stay.
• Financial Stability: Demonstrate sufficient funds to live without working in Spain.
• Immigration History: No visa rejections from certain countries or Spain.
• Health Restrictions: Meet health requirements as per the 2005 regulation.

All documents must be translated into Spanish and legalized.

Documentation

• Passport: Valid for at least one year after arrival in Spain.
• Financial Proof: Documents showing you can support yourself financially during your stay.
• Medical Insurance: Proof of private or public health insurance coverage.
• Children’s Schooling: If applicable, documentation confirming your children’s school enrollment.

Spanish Housing Market

As discussed, investing in real estate is a cost-efficient method of obtaining the Spanish Golden Visa.

For that, you need to be aware of the Spanish housing market, especially the Spanish property prices.

Spanish property prices average $418,000, with prices climbing 8.1%. While more affordable than in Portugal, they’re pricier than in Italy.

Regional variations are stark, with the Balearic Islands topping the charts at $834,000 for a 2,000 sq ft home.

Madrid follows at $656,000, while Euskadi sits at $586,000. Vacation home demand fuels rapid price hikes in the Balearics, up 13% year-on-year.

Golden Visa Spain vs Portugal Golden Visa

In this comparison of Golden Visa Spain vs Portugal Golden Visa, let us have a look at the key differences.

• Travel: Portugal offers wider visa-free access to 188 countries while Spain only provides access to EU Schengen countries.
• Citizenship: Portugal grants citizenship after 5 years, Spain after 10.
• Residency: Portugal requires 7 days/year, and Spain requires none.
• Family: Both include families in the program.
• Tax: Both conclude as tax residents who spend over 183 days/year.
• Investment Options:
  • Real Estate: Spain €500k, Portugal has no real estate option available.
  • Business: Spain €1m, Portugal €500k + 5jobs/€350k + 8 jobs.
  • Funds: Portugal €500k, Spain not available.
  • Donations: Portugal €250k/€500k, Spain unavailable.
  • Capital Transfer: Spain €1 million, Portugal has no capital transfer option available.

Is Golden Visa Spain still Available in 2024?

Golden visas, allowing wealthy individuals to “buy” residency, face scrutiny in the EU.

Popularity soared as people sought alternatives to Brexit-like restrictions.

However, Portugal and Netherlands ended their schemes or placed heavy restrictions, and Spain may follow.

With growing EU opposition, golden visas seem to be losing their shine.

As of February 2024, the Spanish Golden Visa is still in effect.

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Adam is an internationally recognised author on financial matters, with over 739.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.